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GBPJPY Classic Technical Report 08.20.2012

GBPJPY Classic Technical Report 08.20.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing above falling trend line resistance set from the May 22 high and aiming to challenge the 50% Fibonacci retracement at 125.28. A break above the latter boundary targets the 61.8% level at 126.81. Near-term support is at 123.74, the 38.2% Fib.

GBPJPY_Classic_Technical_Report_08.20.2012_body_Picture_5.png, GBPJPY Classic Technical Report 08.20.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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